Bitcoin Mining Explained
A free video tutorial from Khaqan Chaudhry
Full Time Investestor And Serial Entreprenuer
4.0 instructor rating • 13 courses • 25,399 students
Learn more from the full courseUnderstanding Blockchain Technology And Bitcoin
Learn About The Blockchain Technology And Bitcoin Fundamentals That Surround The New Era
01:51:05 of on-demand video • Updated
- Identify Which Aspects Of Blockchain Technology Seem Most Important And Relevant To You
- Walkaway With A Strong Foundation In Where Blockchain Is Going, What It Does, And How To Prepare For It
- Understand What Bitcoin is And How It Works.
- You’ll Be Able To Fully Understand Blockchain Technology And The Ecosystem As A Whole.
- Be Able To Buy And Sell Bitcoin
English [Auto] Focus on the last I talked about Bitcoin and how they actually apply to the blocking technology. And in this video when we talked a big coin miners and how that actually applies to both Bitcoin and the block tene technology and how it pretty much works hand-in-hand with the other two. So what are Bitcoin miners what would they do in the big run the big coin network now as previously mentioned Bitcoin is a decentralized system which doesn't rely on any bank or government. So how do they actually run this entire system. Well it actually runs on the decentralized system. Any Actually pretty much uses a bunch of computers around the world to actually run this bitcoin network. And what they do in the boot process and confirmed all the transactions that are being done using bitcoin is do more like Clinton or any of the coins in the market and do the use of a bunch of computer that actually gets verified and confirmed. And these computers on any ordinary computers although some of these are pretty regular computers. The majority of bitcoin mining computers are pretty powerful computers that are used to mine Bitcoin. Now what I mean by mining bitcoin it doesn't literally mean actually going out and mining bitcoin it pretty much just processes and confirms a bunch of Bitcoin transactions and verifies them through the use of a bunch of complicated math problems that can be solved using your computer. But if a regular guy wants to join the big point mining community they can go ahead and use their regular computer to actually do so. But one of the most powerful machines are the ones I have integrated graphics cards which can then be used to actually confirmed these transactions. Now why do all these big coin Minories actually go ahead and my computer is war. I would like to say that there are good people but the truth of the matter is it's not necessarily that they may be good people but the main reason why they do this is they get paid doing all these bitcoin mining and they don't get paid using the regular fiat currency whether it be the U.S. dollar or the Indian rupee or the Chinese gen. Did he get paid in bitcoin. So it kind of makes sense if you're running a big coin mining mining bitcoin it would make sense that you do get paid in Bitcoin. And that was the whole purpose of this entire thing. How does it actually affect the underline in hockey and how does it relate to the blog technology. And so it did manage to do like I said several times they confirm a bunch of transaction and verify all these transactions through the use of complicated math problems and wants to do this do what they're doing you're dahi building upon the ledger that I mentioned in the earlier lecture that is linked to the blockin. So once the miners do confirmed the mathematical problem what to do with this is actually go ahead and record it on the ledger where it can we actually verified by thousands of other computers we're all solving the exact same problem to verify that it is a legitimate transaction and nothing fraudulent is happening. And with that being said there are new blocks being added every single minute onto the blotting ledger and is constantly being updated with new and new and transactions. And as more and more people start using bitcoin to create transactions the rate at which information is being added to the supply chain is increasing dramatically. And every time a new block is added to the ledger the mine actually gets rewarded in one full Bitcoin. So it's very much a rule of Bitcoin miners and I'll see you in the next one.